Was your Indymac loan modification denied? This can be very discouraging and frustrating-especially if you do not understand why the bank will not approve your loan mod application. The good news is that you don’t have to give up – you can fight the denial and turn it into an approval – but you need to know the 3 critical steps to get the bank’s cooperation.
- Make sure you understand why your loan mod application was denied, there are usually two main reasons for being turned down. The first one is not enough or too much monthly gross income, and the other is that the bank thinks your home is worth more than it is. Ask Indymac to tell you specifically why you do not pass the guidelines-once you know that then you will know what the next step is.
- If you Indymac loan mod was denied due to monthly income, then you need to find out just how much will be required in order to pass the guidelines for approval. The easiest way to do this is to run your
figures thru the Loan Mod Quick APP calculator-you will see immediately if you are passing or not, and can adjust your figures until you meet the requirement. Then use this information on you new updated application form-remember you must be able to prove your income so be prepared to supply documentation.
- Determine what value Indymac has for your home in their system. Very often the bank overstates the current market value and this will cause an NPV failure-meaning the bank will lose less money by taking your home back and re-selling it themselves. You can fight the value by providing a market analysis to prove what homes in your area are actually selling for-your local agent can help with this.
The most important thing to remember is that you do not have to accept the Indymac loan modification denial-you are allowed to re-apply with revised information or contest the findings of the lender. You just must be prepared and be able to provide the right information this time-it won’t do any good to keep submitting the same application-find out exactly how to fine tune your information so that it proves you fit right into the standard approval guidelines. Many homeowners have been turned down numerous times before they finally get it right, however you can save time and frustration by learning how to correct your application to get it approved sooner.
Turn your Indymac loan modification denial into an approval-get the help you need with the #1 resource-The Complete Loan Modification Guide kit and
Loan Mod Quick APP software calculator. The kit provides everything you need to apply correctly, and the calculator automatically figures income, debt ratio, loan to value and other important qualification requirements. Don’t guess at how to qualify-get it right the first time. Visit MyLoanModificationCenter.com today for more information.